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The previous week started with the collapse of oil prices.

On Monday the cost of futures contracts for the delivery of Brent crude in December on the London ICE Futures stock exchange fell 2.68% against the previous trading session, to $ 40.65 per barrel. The price of futures for WTI crude oil for December at the New York Mercantile Exchange trading fell 2.89% to $ 38.7 per barrel.

The main reasons were the fears of market participants about the spread of coronavirus in Europe and the United States. The pessimistic sentiment was fueled by the prospect of a fast resumption of production in Libya. Libya's state oil company National Oil Corp announced that it is canceling force majeure at El Feel, noting that production will return to normal levels in the coming days.

In Nigeria, meanwhile, the situation worsened after insurgents called for the evacuation of multinational oil company personnel from their facilities in the Niger Delta region due to planned attacks amid protests against police brutality. The Reformed Niger Delta Avengers gave companies 21 days to comply with the requirement to avoid casualties and injuries, and threatened to launch large-scale attacks on sites after that time if their demands were not met by the government. The demonstrations against police brutality, which have not stopped in Nigeria since the beginning of October, in turn, were harshly suppressed by the security forces. A number of international organizations, including the UN and individual countries have called on the Nigerian authorities to end the use of excessive force against protesters.

On Wednesday the data on US oil reserves were released, which turned out to be much larger than analysts had expected. According to the statistics, commercial oil reserves in the United States (excluding the strategic reserve) for the week ended October 23, increased by 4.3 million barrels, or 0.9%, and reached 492.4 million barrels. Analysts polled by Reuters expected these reserves to rise by 1.23 million barrels. At the same time, oil reserves at the country's largest terminal in Cushing decreased by 0.4 million barrels over the week - to 60 million. The strategic oil reserve in the country compared to the previous week decreased by 0.7 million barrels, or 0.1%, to 639.4 million barrels. At the same time, US oil production for the week ended October 23 averaged 11.1 million barrels per day, an increase of 1.2 million barrels per day.

On Thursday the fall in the oil market continued due to the introduction of new quarantine measures in a number of European countries. The cost of December futures for Brent oil on the London stock exchange ICE Futures by 17:01 Moscow time on Thursday was $ 37.12 per barrel, which is $ 2 (5.11%) below the price at the close of the previous session. The price of WTI crude oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) by this time dropped to $ 35.38 per barrel, which is $ 1.96 (5.24%) below the level of the previous session. Lockdowns in Europe lead to lower fuel consumption. The statistics on US reserves from the US Department of Energy also had a negative impact on the quotes of raw materials. In these conditions, even fears that the next storm in the Gulf of Mexico would cause interruptions in oil supplies to the United States could not support the oil market.

At the end of the week there were rumors about a possible revision of the OPEC + deal due to the market situation. In connection with the sharp decline in the oil rate, Kuwaiti Oil Minister Khaled al-Fadel said that the emirate would support any OPEC + decision on production for future periods. According to him, some countries support the idea of extending current production levels beyond 2020.

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